OIL giant Shell is to start a sale of up to $30bn (£18bn) of assets next year after weak refining margins and oil theft in Nigeria caused a sharp fall in profits, it can be disclosed. Mr Voser, a Swiss national, is to step down at the end of the year and will be succeeded in January by Shell’s Dutch refining and marketing chief, Ben van Beurden. The company came under fire from major investors over the weekend for allegedly not treating British investors on a par with Dutch shareholders. Shell cancelled a London event last year that provided a live TV link-up to its annual meeting in the Hague, angering British-based investors.
By John Ficenec | Telegraph
OIL giant Shell (LSE: RDSB.L – news) is to start a sale of up to $30bn (£18bn) of assets next year after a sharp fall in profits, it can be disclosed.
OIL giant Shell is to start a sale of up to $30bn (£18bn) of assets next year after weak refining margins and oil theft in Nigeria caused a sharp fall in profits, it can be disclosed.
Assets on the chopping block include a $7bn stake in Woodside Petroleum (Other OTC: WOPEF – news) , Australia’s second largest oil and gas producer; oil assets in the Niger Delta worth $2bn; and other assets totalling $20bn, according to oil and gas analysts from JP Morgan Cazenove.